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Proven, probable mineral reserves
Special Correspondent
MUMBAI: The publicly owned NML is listed on the TSX Venture Exchange and is into exploration and development of iron ore property. NML controls 9.1 billion tonnes of NI 43-101 taconite mineral resources — 6.9 billion tonnes measured and indicated and 2.2 billion tonnes inferred.
The agreement provides exclusivity to Tata Steel with respect to the DSO project and the LabMag taconite iron ore property in Newfoundland and Labrador, in which NML has 80 per cent stake with the remaining 20 per cent owned by the Naskapi Nation of Kawawachikamach.
Tata Steel will also have exclusivity to negotiate and settle a proposed transaction in respect of the LabMag project until June 30, 2009. This deposit contains 3.5 billion tonnes of proven and probable mineral reserves which are contained in 4.6 billion tonnes of measured and indicated resources and 1.2 billion tonnes of inferred resources.
The parties intend to work together to find an economically viable solution to advance this project.
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